July 4 (Bloomberg) -- Don Mattrick, the game-industry veteran who was hired as chief executive officer of Zynga Inc. this week, is receiving compensation totaling more than $50 million to turn around the struggling social-game developer.
He will receive a $5 million signing bonus, $1 million salary, $25 million in restricted stock vesting over three years, and additional restricted shares and options valued at $15 million, the San Francisco-based company said in a filing yesterday. In 2014, Mattrick is eligible for a bonus of as much as $5 million and a performance-based equity grant valued at $7 million.
Mattrick faces the challenge of turning around Zynga, which is suffering amid rising competition from upstarts such as King.com as well as a shift toward gaming on handheld devices. He’s taking over the CEO role from Mark Pincus, Zynga’s founder, who will remain chairman of the board and chief product officer.
Zynga also said that Owen Van Natta has resigned as a director. He had served as executive vice president and chief business officer from August 2010, until November 2011, when he resigned from those duties.
Pincus lowered his 2013 salary to $1 in April. His base pay was $300,000 in each of the two previous years, though his total compensation in 2011 reached $1.68 million after accounting for a $3,750 bonus and $1.37 million in life insurance premiums.
Zynga lured Mattrick from Microsoft Corp., where he was president of the interactive-entertainment business, leading the effort to introduce the next-generation Xbox One home-entertainment and gaming console.
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